The Scandinavia Online (SOL) companies in Norway, Sweden and Denmark have entered into a distribution agreement for financial information with the finacial portal GlobalNetFinancial.com Inc. (NASDAQ, GLBN/LSE, GLFA).
Under the terms of the agreement, GlobalNet acquires SOLBørs AS. Schibsted ASA owns in total approx. 50% of the shares in SOLBørs directly and indirectly through SOL AS.
The agreeement is for two years with possibilities for prolongation. The value is approx. NOK 150 mill. (USD 19 million) The settlement consists both of a cash and shares in GlobalNet.
The agreement gives SOL a strong competitive position with financial news from GlobalNets own editorial teams, investment information and services such as on-line share and currency trading and insurance.
For further information regarding this agreement, please look into SOLs own press release.
Oslo, 28 February 2000
Mette D. Storvestre
Investor Relations Manager
Schibsted ASA